Good caramel corn recipes are available at KraftRecipes.com and BettyCrocker.com. Kraft's caramel corn recipe calls for peanuts and caramels, whereas Betty Crocker's caramel corn is made with almonds, brown sugar and corn syrup.
To make Kraft's caramel corn, cook 14 ounces of caramel, 3 tablespoons of butter and 1 tablespoon of water in a pan over low heat until the caramels are melted, stirring often. Mix 12 cups of popped popcorn and 1 cup of peanuts with the caramel mixture. Spread onto a greased baking sheet and bake for 20 minutes at 300 F, stirring after 10 minutes. Transfer to waxed paper and let cool completely before breaking the popcorn into clusters.
To make Betty Crocker's caramel corn, spread 6 cups of popped popcorn on a baking pan and top with 1/2 cup of toasted slivered almonds. Mix together 3/4 cup of brown sugar, 1/2 cup of butter, 2 tablespoons of water, 2 tablespoons of light corn syrup and 1/8 teaspoon salt, and bring to a boil over medium heat. Boil for 2 minutes, stirring constantly.
Remove from heat and stir in 1/4 teaspoon of baking soda, mixing well. Pour the mixture over the popcorn and almonds, and toss to coat. Bake at 250 F for 30 minutes, stirring after 15 minutes. Stir and bake for 5 more minutes, and then cool on waxed paper for 30 minutes.